CRE-TECH-3

Why Commercial Real Estate Developers Need Technology

Consensus says that the best way to run any organization is by utilizing the latest technology and having a state-of-the-art software solution appropriately created for its industry and purpose. We subscribe to this belief and feel strongly that real estate developers need to embrace technology to enhance their accuracy, productivity and overall profitability.

Several years ago, Commercial Real Estate (CRE) was in danger of falling behind in the adoption of new technology. But that has definitely changed. As reported by Forbes, investment in property tech (Proptech) grew by 1,072% in recent years. This rapid adoption is an indicator of a greater alignment between emerging technology and the industry’s digital transformation.

Data collection and analytics are game changers

Thanks to technological innovations, it is now possible to not only collect large amounts of project data, but, and arguably more importantly, turn that data into actionable information for future projects.

Now, with state-of-the-art software solutions, like Budgetrac Software, developers can have access to data analytics tools which allows them to make the best decisions possible. This data allows developers to identify pain points and triangulate on specific goals more accurately. This in turn, helps make better investment choices and produces more accurate forecasts, leading to improved decision making across the entire CRE spectrum.

Precise Project Control

In the commercial real estate development industry, developers are very dependent on project control and project budgeting. Technology helps here too. Software like Budgetrac eliminates the need for using multiple applications and spreadsheets to keep track of budgets and spending. Our software technology gives the project perspective as much attention as the financial perspective. All the functionality of Budgetrac is project aware, with each module providing the necessary project perspective to complement the general ledger perspective.

Independent perspectives are the key to addressing the needs of real estate developers. In this way, the project perspective permeates the software design, and the developer gets to see the project from the top-down. Since most developers hire a general contractor and subcontractors to implement projects, top-down financial control is more critical than bottom-up details.

Lost Time Costs Developers

The problem with lost time is that it is an ongoing deficit, and it costs real money in the end. Until the root cause is addressed, time and productivity will continue to be wasted. Software technology helps developers reduce lost time. What could take hours to produce in Excel, can be one or two mouse clicks with Budgetrac Software.

Developers that are dependent on outdated siloed or manual productivity solutions — such as Excel, Dropbox, SharePoint, local drive storage, archaic legacy solutions, etc. — often delivered projects past deadline and over budget. Meanwhile, developers that actively embraced technology delivered better overall performance (i.e., met deadlines and budgets).

For more information about Budgetrac software or to schedule a demo, please visit https://antonsystems.com/

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